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Defense of Ponzi Scheme Investors

Represented multiple defendants in six cases brought by an equity receiver appointed in connection with the primary suit by the Securities and Exchange Commission arising out of a multi-million dollar Ponzi investment scheme engineered by Howard Waxenburg, through various investment/trading companies owned by Mr. Waxenburg. Each of the defendants was a longtime investor in one or more of the Waxenburg entities and, as such, had received periodic returns on their initial investments, as well as the complete return of their initial investments. The receiver was seeking not only the periodic returns, but also the return of principal received by the defendants under Florida’s fraudulent transfer statute, as well as under equitable principles. After successfully limiting the receiver’s potential recovery through motions to dismiss, negotiated a favorable settlement on behalf of the defendants wherein they returned substantially less than the likely end result of a trial based upon existing case law.